Top Citigroup Compliance Official to Step Down, Sources Say
October 19 2016 - 5:25PM
Dow Jones News
By Christina Rexrode
Citigroup Inc.'s chief compliance officer, John Davidson, is
stepping down after three years in the role and about eight years
at the firm.
Mr. Davidson told his team on Wednesday, according to people
familiar with the matter. Citigroup Chief Executive Michael Corbat
sent a memo to employees praising Mr. Davidson for helping steer
the bank through the financial crisis and standardizing risk
programs across business units and regions.
Mr. Corbat described Mr. Davidson's departure as a retirement
and said Mr. Davidson would stay on until the bank named a
replacement. A Citigroup spokeswoman confirmed the contents of the
memo.
Compliance is an increasingly difficult and important job in the
banking industry, which is under increasing regulatory scrutiny.
Compliance can cover an array of tasks, from making sure mortgage
lenders properly log customers' income to monitoring chat rooms
used by traders.
Mr. Davidson joined Citigroup in 2008 as chief administrative
officer for risk management after stints at exchange operator CME
Group Inc. and Morgan Stanley. His former boss Brian Leach, who was
Citigroup's top risk officer, retired last year. Mr. Davidson, who
wasn't immediately available to comment, became chief compliance
officer about three years ago.
--Rachel Witkowski and Emily Glazer contributed to this
article.
Write to Christina Rexrode at christina.rexrode@wsj.com
(END) Dow Jones Newswires
October 19, 2016 17:10 ET (21:10 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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